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Walsh warns of lower H1 profits

CarpetrightMatrixWilf Walsh, Carpetright chief executive has warned that first half profits will be lower that 2016 after ‘volatile’ trading.

UK like for like sales rose by 0.8% in the 25 weeks to 21 October, with a 2.1% increase in flooring offset by reduced bed sales as it re-ranged it offer.
‘While trading conditions in the UK remained volatile over the first half, the increase in like-for-like sales in our core flooring category is pleasing given the increased level of competition,’ said Walsh.
‘Whilst we expect the group first half profit to be below that of the prior year [£4.1m pre-tax], we are pleased with the improvement in sales in the rest of Europe and beds in the UK over the past few weeks. When these are combined with continued progress in our core flooring category we expect a significantly stronger second half with full year profit within the current range of market expectations [£13.8m to £16.7m].
A further 21 stores were converted to the new brand identity, with more than half its 419 stores now refurbished. These continue to deliver sales growth above comparable stores in the rest of the estate.